By John Lee. As part of its efforts to switch to clean and renewable energy, Iraq's Ministry of Oil has said it is working with Siemens to produce hydrogen. The German company will provide advanced technologies and equipment for the project, and set up workshops to support the initiative. The first of these workshops was […]
Alsaree3 Group Receives Additional Bridge Round Funding Alsaree3 Group, consisting of Alsaree3 (food-delivery) and Al Zajel Express (last-mile delivery services), closed a 7-figure bridge round in late December 2021, bringing its total amount of funding raised in 2021 to over $4 million USD. Founder and CEO of Alsaree3 Group, Bassam Al-Ateia, commented: "Despite the entrance […]
By John Lee. The Secretary-General of Iraq's Council of Ministers, Dr. Hamid Naim Al-Ghazi, has laid the foundation stone for a number of projects in Dhi Qar Governorate: the Al-Zaytoun Martyrs' Bridge; a local stadium, with capacity for 10,000 spectators; Imam Ali Street (peace be upon him); Al-Shatrah Hospital; and, two bridges in the Al-Moalemeen […]
By John Lee. TipTop has announced a new investment of $5 million to expand its online food and grocery delivery service in Iraq. CEO and Founder Hassan Alsoud told readers on LinkedIn that the funding will be provided by Kurdistan-based mobile operator Korek. (Source: LinkedIn)
By John Lee. The China National Offshore Oil Corporation (CNOOC) is to press ahead with oil exploration at a 530-km2 offshore block in Basra. Originally agreed in 2019, the work had been delayed due to the COVID-19 pandemic. In parallel, Iraq's state-owned Oil Exploration Company (OEC) will carry out seismic surveys on the adjoining 120-km2 […]
By John Lee. Honeywell has announced that the Lanaz refinery (pictured) in Erbil will use its technology to upgrade its operations so it can produce more cleaner-burning transportation fuels. It says the project marks the first use of its UOP modular technology in Iraq, and will help Lanaz comply with increasingly strict specifications for fuel […]
Writing in Oil Price, Simon Watkins that the recent approval of the Iraqi National Oil Company (INOC)'s acquisition of ExxonMobil's 32.7 percent stake in the West Qurna 1 oil field is likely to leave China delighted, the U.S. irritated, and Iraq's oil industry still unable to achieve any of its key oil output goals. Click […]
By John Lee. Blue Water Shipping's Energy and Projects Division has announced plans to open an office in Iraq. Thomas Bek, Global Director of Energy & Projects at Blue Water, said: "Our customers in the energy sector operate internationally, and it is, therefore, a strategic objective that we continuously develop our organization to meet the […]
By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraq's credit rating lifts with final reparations payment to Kuwait Iraq paid Kuwait a final installment of war reparations more than 31 years after the invasion of Kuwait, […]
By John Lee. Iraq's Commission of Integrity issued 21 arrest warrants in December for senior state officials on charges of corruption. A further 77 officials were summoned for questioning as part of anti-corruption investigations. Among the people implicated are a current minister and a former minister, but the statement from the Commission mentioned no names. […]
Advertising Feature Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 13th January 2022). Please click here to view a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD919 (-2.1%) / $806 (-2.1%) (weekly change) (+0.1% and +0.1% YTD change, respectively). The number of week traded […]
Today (Thursday 13th January), the United Nations Compensation Commission (UNCC) made available $629,324,488 to the Government of the State of Kuwait towards the Commission's remaining claim with an outstanding award balance. With this payment, all claimants awarded compensation by the Commission have now received the full amount of their respective awards. In total, the Commission […]
